XRP sold off sharply as broader crypto weakness triggered a wave of long selloffs, forcing the price below a key support level before buyers tentatively stepped in near $1.74.
News context
- XRP fell alongside a broader sell-off in cryptocurrencies, with bitcoin-led weakness putting pressure on high-beta tokens.
- This move was driven by positioning rather than token-specific information, as leveraged long positions were removed once key support levels failed.
- Derivatives data showed more than $70 million in XRP futures liquidations, mostly from long positions, suggesting how crowded positioning amplified the decline once selling accelerated.
Price Action Summary
- XRP fell by around 6.7%, from $1.88 to $1.75.
- Support near $1.79 failed during the sell-off
- Volume rose sharply during the outage, signaling a forced sell-off
- The price stabilized in a tight range of $1.74 to $1.76 in late trading.
Technical analysis
- XRP fell decisively below $1.79, triggering a cascade of liquidations that pushed the price to a session low near $1.74.
- The outage occurred on exceptional volume, confirming institutional participation rather than a decline in low liquidity.
- A modest rebound followed, but recovery attempts stalled below $1.76 and volume faded on the rebound – a sign of stabilization, not reversal.
- Former support between $1.79 and $1.82 has now turned into resistance, capping the upside unless reclaimed with conviction.
What do traders think is next?
- Traders see between $1.74 and $1.75 as the immediate limit.
- If $1.74 holds, XRP could continue to consolidate as liquidation pressure eases – but bulls need a recovery to $1.79, and ultimately $1.82, to bring the structure back towards neutrality.
- If $1.74 breaks, downside risk opens towards $1.72 and $1.70, with momentum likely to build as remaining support gives way.
- For now, XRP remains susceptible to liquidation and closely correlated with Bitcoin, with technical levels – not headlines – dictating direction.
